If you started a business five years ago, and you can still call it a success, you are in an elite minority.
Did you know that?
I’ve heard some of these numbers in several of the books I’ve read in the last few years, so I went to one source that quotes the Small Business Administration to get common clarity.
21.5% of small businesses fail in their first year, climbing to 30% in the second year.
Worse news yet, they say that the overall failure rate is 90%.
It’s a risk. I get it.
If you’ve been in business five years and you’re surviving, even thriving as business take a moment for a self-high-five moment.
You did that. Way to go!
What are some of the reasons for those business failures?
A weak market tops the list. That’s what it sounds like, they were selling something that wasn’t getting bought.
Running out of cash.
Failure to employ or contract the right people.
A poor product offering.
Poor marketing.
Lackluster customer service.
Does any of this sound familiar? Yes?
Next question: have you ever caught yourself feeling like you could have avoided the water hazards and sand traps with better advice?
I heard a story recently about a man whose daughter became an accountant when she grew up.
The way I remember this, his business failed after quite a few years because she missed the signs of impending disaster through a lack of attention to the data.
I am coming to believe that, though accounting is considered a science at the baccalaureate level, it’s really an art form most of all.
There are thousands, maybe millions, of people that can prepare and file a fairly decent tax return for you.
But if that’s all you’re getting done you’re no better off than a person with high cholesterol that ignores both the doctor, and a healthier lifestyle.
With a little research I can uncover a number of areas where an innocent well-meaning person is hemorrhaging cash.
Success is a function of a number of things, that notably include profitability, capital preservation, cash flow management, and certainly tax planning.
There’s an area I’ve been witnessing all kinds of small bleeding cuts over the years.
That’s why I really like to think of our current role in business as more of an advisor service.
Accounting is just data.
The quantifiable things.
Revenue, costs of goods sold, expenses, tax liabilities.
Leading to the inevitable “bottom line,” net income.
An engaged profitability consultant shares their experience, their expertise in planning and what the business owner WANTS out of their business.
You know, deep down, that there’s a lot more to your business than just making the money, though of course that’s how you keep the engine blazing down the highway.
Pride in service, and/or workmanship.
Changing the world, even if just a little bit, for the better.
Positively influencing the economy. That’s right, creating jobs.
Entrepreneurs are heroes to a lesser or greater degree, don’t forget that.
Give yourself another high-five, while you’re at it.
And then…consider how your business could level up with the right profitability consultant by your side.
Is that me? I don’t know until we get to know each other a little.
No pitch here, just an offer of a full hour of my time, no cost or obligation.
I believe that we ARE changing our little corner of the world for the better.
I would love to find out if we can do this with you, too.
This level of service isn’t for everybody.
Success is not for the faint-hearted, but hey, if you could level up your five-year success to a 2X or 4X level by working with a profitability consultant…
…isn’t it worth an hour of your time to find out?
If you’re the type of person that recognizes a consultant is an investment with positive ROI, and not just someone with their hand out, we should most definitely talk.
I look forward to it. Just click here https://owingsllc.com/work-with-me/
Talk to you soon!